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buy to let
pcyam
Posts: 651 Forumite
as the house is buy to let, any interest added on by the bank can be offsetted against any tax due to the inland revenue, therefore is it worth my while paying off as much of the mortgage as possible to reduce my mortgage OR pay off the minimum mortgage payments and let the interest be added on to reduce tax??
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Comments
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It depends, as with all things.
So many issues will make the right answer for you. Have you got a home mortgage on your house that you live in? What level of income have you got etc. If you have a mortgage, I'd suggest clearing that first and letting the Buy to Let one stay large.
To get full advice I'd suggest you see and accountant or fill us in with a bit more info.0 -
Ive got a domestic mortgage, was living there, but then moved out and started renting it out.0
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Consider that you'll pay more in interest than you'll save in tax. So, unless you can put the cash you have to more effective use, making a better return somewhere else, then you'd be better to reduce the mortgage.What goes around - comes around0
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